Question

define minimum support price, buffer stock, fair price shop

Answer 1

Minimum Support Price or MSP is an Agriculture product price set by the Government of India to purchase directly from the farmer. This rate is to safeguard the farmer to a minimum profit for the harvest, if the open market has lesser price than the cost incurred.                                                      Buffer stock is intervention storage, is attempt to use the commodity storage for purposes of Stablishing prizes in whole economy